Apple’s operations in India surged to Rs 2 lakh crore in FY24, a growth unmatched by any company in the country in past 50 years
Apple India’s manufacturing and domestic sales have recorded an unparalleled growth. As per a recent Economic Survey, India’s total contribution to Apple’s overall production has surged to 14 per cent in FY24 from 7 per cent in FY23. The operations of iPhone manufacturer went up to Rs 2 lakh crore in financial year 2023-24 from Rs 1.15 lakh crore in FY2022-23 as per an Economic Times report.
The pace at which Apple’s sales and manufacturing is growing in India has not been seen by any other company in the last 50 years, a source cited in the ET report. Apple’s presence in Indian smartphone market has been for years now but in past few years it has increased significantly.
The government’s effort to decrease its import dependence on smartphones from China coupled with the production-linked incentive (PLI) scheme, has given boost to Apple’s growth in both sales and distribution. The PLI scheme was launched by the government in 2020 to give boost to domestic manufacturing capability. Currently, the iPhone maker is the largest global value chain (GVC) operating in India, the source said.
Additionally, the popularity of Apple products in India is growing. Its sales in India have gone up to around Rs 68,000 crore in FY24. At the same time a slow inclination of Android users in India is growing towards the iOS. Apple’s share in India’s smartphone market has risen from 2 per cent in FY18 to 6 per cent in FY24.
Recently, as per a report in Bloomberg, Apple products sales in India increased by 33 per cent in FY24. Apple’s CEO Tim Cook said, “I see it as an incredibly exciting market and it’s a major focus for us,” about expanding market for his company’s product in India during Apple’s earnings call in May.
In 2023, the CEO also visited India to inaugurate Apple’s first two retail stores. Following his week-long trip, he said in a post on X, “What an incredible week in India! Thanks to our teams across the country. I can’t wait to return.”